Thanks for asking your question and providing the answer. It inspired me to find the solution for my problem as well.

I am on a Windows 7 64-bit CAD station with 6 cores and 48-GB of RAM. I also have the program TrendMicro OfficeScan running in the background. When TrendMicro is running my build times are around 45 seconds. However, the more times I build and debug in the same session then it eventually gets to a point where KDS crashes and build times go to 8+ minutes and the debugger will never connect to the PEmicro multi link. The only way to solve this is to restart my PC.

When I disabled TrendMicro my build time went to 4 seconds; a clean and then build took me 16 seconds. No issues so far with connecting to the debugger.